The DeFi Smart Contract Automation Network Gelato Raised $11M in its Series A Funding


Gelato, a sensible contract automation community centered on the DeFi sector, introduced that it has raised $11 million led by Dragonfly Capital in its Sequence A financing.

On this spherical of financing, essential supporters embody ParaFi Capital, Nascent, IDEO CoLab Ventures, and Aave founder Stani Kulechov. The funds can be used to determine a “cryptocurrency Zapier”.

Gelato allows everybody to leverage the facility of a decentralized community of bots to totally automate the motion of their cash between completely different protocols on Ethereum.

Via the event of Internet 3.0 automation, they will routinely rebalance their funding portfolios and execute transactions to guard their investments from main losses.

Mika Honkasalo from ParaFi Capital expressed that:

“Gelato expands the capabilities of sensible contracts, that are by default inactive and solely execute when a person triggers them. Gelato’s community of bots can be utilized to assist all kinds of functions that require automated actions — from liquidity provision methods to margin administration, and different DeFi use instances.”

Underneath the operation of a decentralized robotic community, Gelato community supplies dApp builders with a user-friendly UX to broaden and simplify customers’ transactions within the DeFi discipline.

Gelato co-founder Hilmar Orth mentioned that the crew is constructing their very own DeFi functions, aiming to run sensible contracts autonomously whereas making certain that the infrastructure executes its logic is censorship-resistant, decentralized, and dependable.

Regardless of the sensible contracts on the Ethereum community run by the primary DeFi protocols, it additionally helps the sensible contracts on the 2 blockchains, Polygon and Fantom. Gelato community is actively cooperating with different blockchains, together with Binance Sensible Chain, Arbitrum, Optimism, and Avalanche.

The decentralized finance (DeFi) sector took the world by storm in 2020 after its worth grew by fourteen instances, with whole worth locked (TVL) on this sector stood at $208 billion.

In the long term, the development of decentralized monetary automation is predicted to be trending to enhance person expertise sooner or later.

Picture supply: Shutterstock

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